Performance vs S&P 500

03
Tracked Q1 2025–Q3 2026 +31.4%
S&P 500 total return (same window) +39.9%
Excess return -8.5%

Annualized: +20.0% · S&P 500: +25.1%

Approximates a buy-and-hold portfolio built from quarterly SEC 13F snapshots. Excludes cash, short positions, options/derivatives, and non-13(f) securities — reflects the disclosed long-equity book only, not total fund AUM. SEC filing lag is up to 45 days; this is not a real-time-copyable timing.

Priceable coverage: 97.6% · Options excluded: 0.0%

Sector breakdown

04
Financials 21.7%
Industrials 21.5%
Real Estate 9.0%
Technology 8.1%
Utilities 6.4%
Healthcare 4.6%
Communication Services 4.3%
Retail 3.2%
Consumer Staples 2.2%
Materials 2.2%
Energy 1.5%
Consumer Discretionary 1.4%
Consumer products 0.5%
Other/Unmapped 13.4%

Full portfolio 73 positions

05
Type Streak 8Q trend
JPM JP Morgan Chase & Co. Common Stock $17,129,054 10.13% 51,776 $-637,109 Down ×2
CAT Caterpillar, Inc. Common Stock $13,292,902 7.86% 16,395 $-4,600,613 Down ×1
BAC Bank of America Corporation Common Stock $8,218,712 4.86% 150,996 $2,590,455 Up ×2
VOO Vanguard S&P 500 ETF $7,194,328 4.25% 10,265 $147,070 Up ×3
O Realty Income Corporation Common Stock $7,162,387 4.24% 131,904 $-1,435,927 Down ×6
USB U.S. Bancorp Common Stock $7,001,899 4.14% 121,224 $2,869,089 Up ×1
NRG NRG Energy, Inc. Common Stock $6,021,168 3.56% 62,950 $-405,472 Up ×1
AAPL Apple Inc. - Common Stock $5,920,097 3.50% 17,777 $776,144
VUG Vanguard Morningstar Growth ETF $5,803,175 3.43% 64,401 $246,795 Down ×1
GATX GATX Corporation Common Stock $5,780,340 3.42% 33,998 $-775,335 Down ×1
MSFT Microsoft Corporation - Common Stock $3,850,340 2.28% 7,507 $1,050,079
R Ryder System, Inc. Common Stock $3,836,479 2.27% 16,837 $-604,617
Unknown issuer (CUSIP: 30233Q108) $3,824,788 2.26% 23,501 Up ×1
DIS Walt Disney Company (The) Common Stock $3,778,183 2.23% 36,017 Up ×1
UNP Union Pacific Corporation Common Stock $3,431,287 2.03% 12,609 $-1,086,361 Down ×1
ABBV AbbVie Inc. Common Stock $3,315,130 1.96% 12,673 $126,096
GBX Greenbrier Companies, Inc. (The) Common Stock $3,264,623 1.93% 81,473 $-728,369
ADC Agree Realty Corporation Common Stock $2,981,330 1.76% 44,624 $-398,492
GE GE Aerospace Common Stock $2,443,669 1.45% 7,825 $-480,768
EVRG Evergy, Inc. - Common Stock $2,413,285 1.43% 30,766 $-332,078 Down ×1
BRK-B (filed as BRKB) Berkshire Hathaway Inc. Class B $2,326,422 1.38% 4,672 $-21,408 Down ×1
TSN Tyson Foods, Inc. Common Stock $2,226,503 1.32% 44,063 $-381,979 Down ×1
VTI Vanguard Morningstar Total Stock Market ETF $2,138,407 1.26% 5,714 $849,188 Up ×1
CSX CSX Corporation - Common Stock $1,908,166 1.13% 41,027 $-41,848
GEV GE Vernova Inc. Common Stock $1,859,158 1.10% 1,956 $-438,868
PFE Pfizer, Inc. Common Stock $1,837,258 1.09% 64,420 $379,936 Up ×2
FCX Freeport-McMoRan, Inc. Common Stock $1,811,250 1.07% 25,875 $-20,421 Down ×3
IRM Iron Mountain Incorporated (Delaware)Common Stock REIT $1,808,596 1.07% 16,301 $-376,693 Down ×1
HD Home Depot, Inc. (The) Common Stock $1,746,485 1.03% 6,139 $-418,617
T AT&T Inc. $1,711,904 1.01% 70,160 $247,752 Down ×1
GOOG Alphabet Inc. - Class C Capital Stock $1,698,930 1.00% 4,986 $-62,773
QCOM QUALCOMM Incorporated - Common Stock $1,638,324 0.97% 8,902 $-6,676
WMT Walmart Inc. - Common Stock $1,621,152 0.96% 15,600 $-145,704
TGT Target Corporation Common Stock $1,557,499 0.92% 9,940 $259,236
F Ford Motor Company Common Stock $1,550,916 0.92% 128,600 $-236,624
LXP LXP Industrial Trust Common Stock (Maryland REIT) $1,464,517 0.87% 24,040 $128,832 Down ×1
OHI Omega Healthcare Investors, Inc. Common Stock $1,405,045 0.83% 30,340 $-41,566
TXN Texas Instruments Incorporated - Common Stock $1,385,045 0.82% 4,945 $-88,911
GEHC GE HealthCare Technologies Inc. - Common Stock $1,346,295 0.80% 20,595 $28,009
COP ConocoPhillips Common Stock $1,334,725 0.79% 10,665 $225,991
KHC The Kraft Heinz Company - Common Stock $1,318,214 0.78% 58,020 $-71,114 Down ×1
NUE Nucor Corporation Common Stock $1,110,313 0.66% 4,750 $52,250
DUK Duke Energy Corporation (Holding Company) Common Stock $862,486 0.51% 7,565 $-95,091
PG Procter & Gamble Company (The) Common Stock $840,445 0.50% 5,785 $-7,867
NEE NextEra Energy, Inc. Common Stock $835,867 0.49% 11,036 $-132,763
ALL Allstate Corporation (The) Common Stock $822,657 0.49% 3,708 $-59,625
VFC V.F. Corporation Common Stock $741,243 0.44% 52,720 $-138,127
JNJ Johnson & Johnson Common Stock $719,299 0.43% 2,717 $29,262
SO Southern Company (The) Common Stock $700,421 0.41% 8,450 $-156,184 Down ×1
CTVA Corteva, Inc. Common Stock $671,207 0.40% 8,644 $-60,853
MS Morgan Stanley Common Stock $643,234 0.38% 3,420 $-71,683
Unknown issuer (CUSIP: 438516205) $639,992 0.38% 3,034 Up ×1
SLB SLB Limited Common Shares $607,538 0.36% 12,470 $27,808
VEA VANGUARD TAX-MANAGED FUNDS $567,069 0.34% 8,031 $-5,088 Up ×1
INTC Intel Corporation - Common Stock $540,554 0.32% 4,496 $-87,222
SHEL Shell PLC American Depositary Shares (each representing two (2) Ordinary Shares) $537,033 0.32% 5,650 $98,932
NATL NCR Atleos Corporation Common Stock $516,182 0.31% 11,425 $20,223
AMZN Amazon.com, Inc. - Common Stock $495,560 0.29% 1,989 $21,501
Unknown issuer (CUSIP: 43849R105) $470,179 0.28% 3,034 Up ×1
IVV iShares Core S&P 500 ETF $459,510 0.27% 600 $10,176
IBM International Business Machines Corporation Common Stock $409,070 0.24% 1,860 $-113,981
SPY SPY $392,754 0.23% 515 $8,167
UTF Cohen & Steers Infrastructure Fund, Inc Common Stock $345,889 0.20% 14,032 $-41,254
DE Deere & Company Common Stock $344,505 0.20% 513 $19,094
IWR iShares Trust $338,804 0.20% 3,175 $-11,462
EPR EPR Properties Common Stock $334,254 0.20% 5,955 $-11,196
MRK Merck & Company, Inc. Common Stock (new) $320,409 0.19% 2,205 $37,066
ABT Abbott Laboratories Common Stock $290,560 0.17% 2,940 $23,784
IWM iShares Trust $280,391 0.17% 1,009 $-22,763
PEP PepsiCo, Inc. - Common Stock $253,693 0.15% 2,002 $-17,378
RTX RTX Corporation Common Stock $243,758 0.14% 1,313 $-5,357
VB Vanguard Morningstar Small-Cap ETF $218,488 0.13% 768 $-12,731 Up ×1
CLF Cleveland-Cliffs Inc. Common Stock $190,858 0.11% 17,335 $28,082

Conviction holdings

08

Positions increased for 3+ consecutive quarters.

Share counts are as reported in 13F filings (not split-adjusted)

SecurityValue% of portfolioStreak
VOO $7,194,328 4.25% up ×3

Biggest new bets

09

New positions opened this quarter, largest first.

SecurityValueShares% of portfolio
Unknown issuer (CUSIP: 30233Q108) $3,824,788 23,501 2.26%
DIS $3,778,183 36,017 2.23%
Unknown issuer (CUSIP: 438516205) $639,992 3,034 0.38%
Unknown issuer (CUSIP: 43849R105) $470,179 3,034 0.28%

Top movers (QoQ)

10
SecurityActionShares ΔValue Δ
CAT Trimmed -408 -$4.6M
USB Bought more +53K +$2.9M
BAC Bought more +52K +$2.6M
O Trimmed -7K -$1.4M
UNP Trimmed -4K -$1.1M
MSFT Price move only +0 +$1.1M
VTI Bought more +2K +$849K
AAPL Price move only +0 +$776K
GATX Trimmed -3K -$775K
GBX Price move only +0 -$728K

Exited positions

11

Includes corporate events (mergers, delistings) — not all exits are sells

Closed positions reflect 13F reporting changes; for index managers these are often mechanical (delisting, M&A, index rebalancing), not active decisions.

SecurityQuarterShares beforeValue beforePrice since exit
XOM Sept. 30, 2026 25,581 $3,497,434 12.6%
HON June 30, 2026 6,068 $1,371,550 -1.2%
LXP (filed as LXPXXXX) Dec. 31, 2025 123,950 $1,110,592 23.2%
CVX Sept. 30, 2026 2,087 $345,941 14.2%
COF Sept. 30, 2025 1,416 $301,268 -5.3%
KTB Sept. 30, 2026 2,726 $227,185 20.6%
MRK June 30, 2025 2,405 $215,873 83.5%
VZ Sept. 30, 2026 4,969 $210,387 -2.6%
SYK Sept. 30, 2026 667 $209,998 11.5%
BEPC Sept. 30, 2026 5,500 $204,160 2.8%
LOW Dec. 31, 2025 809 $203,310 -17.6%
APLE June 30, 2025 10,000 $129,100 54.6%
VYX March 31, 2026 11,750 $119,850 32.5%
SVC Sept. 30, 2026 31,850 $53,827 -4.5%
UTFRT Dec. 31, 2025 12,010 $936 No longer tracked